AUD/USD Forex Signal - 16 March 2016

AUD/USD Signal Update

Yesterday’s signals were not triggered.

 

Today’s AUD/USD Signals

Risk 0.75%

Trades may only be taken from 8am New York time until 5pm Tokyo time.

 

Long Trade 1

* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7350.

* Put the stop loss 1 pip below the local swing low.

* Move the stop loss to break even once the trade is 20 pips in profit.

* Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

 

Short Trade 1

* Short entry after bearish price action on the H1 time frame immediately upon the next touch of 0.7600.

* Put the stop loss 1 pip above the local swing high.

* Move the stop loss to break even once the trade is 20 pips in profit.

* Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

 

AUD/USD Analysis

I wrote yesterday that the price might start to bottom out at around 0.7400 or 0.7350 and we still have not reached either of those levels. However at the time of writing there are initial signs that the price may be stabilizing at around 0.7450 ahead of the FOMC releases due later today. It is probably best to step aside from this pair until after the FOMC releases occur.

AUDUSD

Concerning the AUD, there will be releases of Employment Change and Unemployment Rate data at 12:30am London time. Regarding the USD, there will be a release of Building Permits and CPI data at 12:30pm, followed later by Crude Oil Inventories at 2:30pm and then the FOMC releases commencing at 6pm.

Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.